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Bitcoin could reach $92,600 if this happens
Technical Analysis of Bitcoin and Upcoming Levels
According to the technical analysis of experts, after the FOMC meeting in March, BTC broke through the prolonged consolidation process and the resistance it faced from the (EMA) 200 moving average on the daily timeframe.
Although it has broken out, it is still not fully confirmed whether BTC will rise or continue its prolonged consolidation process. Based on recent price movements and historical patterns, if BTC closes a daily candle above $85,800, there is a strong possibility that it could surge 8% to $92,600 in the coming days.
Current price momentum
At the time of writing, the price of Bitcoin is trading at nearly $86,040, up over 3.7% in the past 24 hours. Meanwhile, its trading volume has increased by 40% during the same period, indicating higher participation from traders and investors compared to the previous day following the price increase.
Main liquidation areas
After the price surge and impressive upward momentum, traders seem optimistic about this asset, according to a report by the on-chain analysis company CoinGlass.
When combining these on-chain metrics with technical analysis, it seems that the buyers are in control and pushing BTC towards reclaiming the $90,000 mark.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions
Minh Anh
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